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USD/JPY finds support of European stock rally

FXStreet (Mumbai) - The USD/JPY pair recovered slightly from the session low of 118.10 levels as the rally in the European stocks weakened the bid tone on the safe haven JPY.

Trades at six-week low

The spot is trading around a six-week low of 118.35 levels. The European stock markets cheered the drop in the Fed rate hike bets. The pan-European blue chip Euro Stoxx 50 index advanced 1.2%. Germany’s DAX and London’s FTSE gained 1% each.

Consequently the pair recovered from the low of 118.10, but still appears weak ahead of the US CPI data, due for release later today.

USD/JPY Technical Levels

The immediate support is seen at 118.35 (127.2% of Jun high-Jul low-Aug high), under which 118.00 handle would be exposed. A break below the same could push the spot lower to 117.02 (Feb 5 low). On the other hand, resistance is seen at 119.00 and 119.17 levels, followed by a major hurdle at 119.53 (triangle resistance).

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